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School of economic thought that advocates strict adherence to methodological individualism rather than focusing on aggregate variables, equilibrium analysis and societal groups
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals and their self interest. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action. The Austrian School originat... Wikipedia